Start small. Really small.
You don’t want to get overwhelmed.
Find someone who actually has or currently does what you want to do.
For example, if you want to trade options, find an options professional to learn from. I’ll continue with options in my examples below.
There are many many trainers out there who are in the business of telling you how to trade options yet have never traded before! Avoid them like the plague!
Pick a strategy that resonates with you. Note that I didn’t say to find a super profitable strategy. Find a strategy that is profitable, for sure, but find one that resonates with you. We always teach that you should match your trading style to your emotional style. Day trading personalities should NOT position trade and vice versa.
How do you know if it is profitable? First, don’t trust the person that told you about the technique!
You will want to back test it by taking the rules and applying them to the data/charts from 1-10 years back to see if the technique is profitable. The problem is that some people teach techniques with vague concepts and not clear rules. You should avoid those people!
Now you have a technique that is profitable and works and you resonate with.
Trade just that technique in small quantities for a while. How long? Trade it until you are ready for another technique or instrument or time horizon.
You really want to dominate this first technique before going to the next one. You want to be executing the rules flawlessly. You want to be confident every day when you sit down to trade. You want to understand the rhythm of that technique.
Then, when you feel that cool confidence, then add more. More techniques or more instruments.
Take your time! There is no rush!
Trading is a skill which will pay massive dividends for the REST OF YOUR LIFE! So do it right and not get overwhelmed.
Two great classes to start your trading are our Stock Success School and our Options Success School. Here are the links to learn more: